Interim Report Third Quarter 2004

Improved performance in the first nine months of 2004

• Operating profit up 15% to EUR 1,648m (EUR 1,429m in the first nine months of 2003).
• Net profit up 15% to EUR 1,480m (EUR 1,288m).
• Total income largely unchanged at EUR 4,216m (EUR 4,240m), up 3% on a comparable basis.
• Total expenses down 5% to EUR 2,559m (EUR 2,700m).
• Loan losses down 87% to EUR 37m (EUR 279m).
• Earnings per share EUR 0.53 (EUR 0.44).
• Return on equity (excl. goodwill) 21.0% (19.0%).

Stable underlying development in Q3

• Operating profit up 6% to EUR 548m (EUR 516m second quarter 2004).
• Net profit EUR 398m (EUR 664m, including real-estate gain of EUR 300m).
• Total income down 1% to EUR 1,391m due to shortfall in trading income (EUR 1,404m).
• Total expenses down 1% to EUR 837m (EUR 849m).
• Positive net loan losses.
• Earnings per share EUR 0.14 (EUR 0.24, including real-estate gain of EUR 0.10).
• Return on equity (excl. goodwill) 17.0% (28.1%, including real-estate gain).

Continued growth in business volumes year-on-year

• Mortgage lending increased 14%.
• Lending to small and medium-sized corporates up 3%.
• Deposits increased by 5%.
• Assets under management increased 17% to EUR 125.7bn.
• Number of netbank customers up 11% to 3.9 million.

Strong capital position